Davis Polk & Wardwell has advised Sumitomo Mitsui Banking Corp. on a $3 billion bond issue this month on the Singapore Exchange.
The U.S. dollar-denominated bonds were offered in three tranches: $1 billion worth of 1.35 percent notes due in three years, $1.25 billion worth of 1.8 percent notes due in five years, and $750 million worth of 3.2 percent notes due in ten years.
Sumitomo Mitsuis debt issue took place just as Osaka-based drug manufacturer Takeda Pharmaceutical Co. raised $3 billion through a senior notes offering in Singapore. According to a Bloomberg report, Japanese companies have been trying to expand overseas and are taking advantage of a drop in borrowing costs this year.
Davis Polk Tokyo partner Theodore Paradise led the firms team in advising the issuer. The firm also advised the bank on a $1.5 billion three-tranche notes issue in January and a $2 billion dual-tranche debt offer last year, both in Singapore.
The underwriters–Goldman Sachs & Co., Citigroup Global Markets Inc., Barclays Bank Plc., Merrill Lynch, Pierce, Fenner & Smith Inc. and SMBC Nikko Capital Markets Ltd.–turned to Simpson Thacher & Bartlett Tokyo partner Alan Cannon for advice. The firm is also representing the underwriters on Takedas debt offering.
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